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Is This Your Situation: Overwhelmed by Manufacturing Tax Credits


Tax credits can allow your company to save money, improve production quality and increase revenue. But with a lot of information available about a variety of programs, it can be difficult to understand which ones are best for your facility. What do you already know about two of the most-used manufacturing provisions?

  • R&D tax credit. The biggest misconception is that research and development applies only to scientific advancement, but that isn't how it works for this tax credit. There are a lot of details that go into the process of claiming the R&D tax credit that your manufacturing company can benefit from, so it is important to have all the right pieces in place. At one time, this credit was considered temporary, but changes in the law have expanded it to a permanent tax credit solution, which can allow your production facility to plan your projects based on the knowledge that you will receive this credit when filing taxes. Consulting a tax professional will be your best bet in determining how your manufacturing company can take advantage of the credit.
  • The Section 179 deduction. Of course, any manufacturing business owner also knows that you can't run a company without investing in the right equipment. And often this equipment is specialized and expensive. But Section 179 is available to offset some of those costs. With this tax credit, you can deduct the full cost of any equipment, new or used, and software that you've purchased throughout the year. There are some restrictions, though. The equipment has to be considered qualifying, which is why it is important to talk with a tax professional to determine what is best for your business.

Manufacturing businesses are complex, even if your overall concept is simple. It takes a lot of experience to run these organizations, but understanding taxes is not a requirement. That is what experts are for. They can help you manage these aspects of your business so you can concentrate on what matters most: your bottom line.

There is far too much to cover in either of these provisions to make online research the most effective tool for discovery. Before you make any decisions, you should consult with an expert who can help you navigate the difficult process of learning about and qualifying for these manufacturing tax credits. Give us a call or email us today to see how we can help your business thrive.

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Tim Sinclair
Tim Sinclair
(843) 577-5843
40 Calhoun Street, Suite 320
Charleston, SC 29401
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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